The Day Ahead: Markets Watch PPI Data and Adobe Earnings for Signals Today

Futures Under Pressure as Bulls Lose Momentum

U.S. equity futures are weaker Thursday following a soft close in the prior session. S&P 500 futures are down 0.27%, Nasdaq 100 futures off 0.25%, and Dow futures lower by 141 points (-0.33%).

Wednesday’s pullback ended a three-day win streak for the S&P 500 and Nasdaq. The S&P slipped 0.3%, Nasdaq lost 0.5%, and the Dow closed flat. Softer May CPI data offered initial relief but failed to break resistance, keeping markets in a holding pattern ahead of today’s inflation update.

Key Economic Releases

• May Producer Price Index (PPI) – 12:30 GMT
  • Consensus: +0.2% (Prior: +0.5%)
  • Core PPI: +0.3% expected (Prior: +0.4%)
  • A downside surprise would reinforce CPI’s disinflation message and support dovish Fed expectations
  • A beat risks unwinding rate cut optimism and pressuring duration-sensitive sectors

Notable Earnings

Oracle (ORCL) – Reported After the Close
• EPS: $1.70 vs. $1.64 expected | Revenue: $15.9B vs. $15.59B expected
• Shares jumped 7% after hours. Oracle said its cloud business will grow over 70% next year—well above last year’s pace. That’s boosting confidence in the company’s AI and software strategy.

Lovesac (LOVE) – Before the Open
• EPS estimate: -$0.81
• Traders will be watching for signs of pressure in consumer spending. Volatile name that tends to move big on earnings days.

Adobe (ADBE) – After the Close
• EPS estimate: $4.97 | Revenue: $5.8B
• Key focus is on how Adobe’s new AI tools are driving growth, especially in its Creative Cloud segment. Also watching whether recent price increases are lifting margins.

RH (RH) – After the Close
• EPS estimate: -$0.08
• Company sells high-end home goods. With housing and luxury spending under pressure, traders will be looking at order trends and guidance.

Technical Outlook – Resistance Holds Across the Board

S&P 500 Index futures remain capped below resistance at 6,236.50, with price consolidating beneath the early June highs. First support stands at the rising 200-day SMA of 5,903.93. A break below that opens the door to the next key level at 5,756.50. The rejection at resistance keeps downside pressure in play.

Nasdaq 100 futures are stalling near 21,900, unable to clear resistance at 22,656.75. Momentum is fading as tech earnings taper off. Support is layered at 21,900 and then at the 200-day SMA of 20,865.59.

Dow futures continue to struggle below dual resistance at 43,148 and the 200-day SMA at 43,133. With no fresh upside catalyst, the index remains rangebound. Initial support is at 41,278.60.

Outlook:  Inflation, Trade, and Tech Drive Opening Tone

Inflation and tech earnings are today’s primary drivers. PPI will set the tone for rate expectations, while Adobe headlines a slim earnings slate. With futures rejecting key resistance levels and macro catalysts unresolved (tariffs, Iran), traders should stay tactical and lean into levels. Volatility risk remains elevated.

More Information in our Economic Calendar.